Tag: real estate prices

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The big issues facing the property market in 2023

The big issues facing the property market in 2023

Following strong housing market conditions during 2020 and 2021, 2022 has been a tumultuous year for the housing market. Interest rates have risen rapidly, resulting in price falls and a reduction in sales volumes.

While prices for properties for sale have fallen, rental prices have grown on the back of escalating demand from overseas migration and fewer first-home buyers. The insufficient supply of rental stock has afforded landlords the scope to lift rents.

With market conditions changing so rapidly, what are the most pressing issues for the housing market in 2023?

0.00 State of the current market
0.15 Areas that are likely to see price falls
0.44 Areas that might show more strength
1.03 Global factors influencing the market
1.21 Buying in 2023
1.47 Selling in 2023

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Realestate.com.au’s Hot 100 Suburbs: The best prospects for 2023

Realestate.com.au's Hot 100 Suburbs: The best prospects for 2023

The inaugural realestate.com.au Hot 100 has been released, identifying the suburbs around Australia with the best real estate prospects in 2023.

Compiled from the insights of a panel of industry experts – including the head of a major agency group, buyer’s agents, researchers, and an academic – and complemented by PropTrack data and economic analysis, the exhaustive list is an independent overview of future growth drivers.

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Untapped potential: 3 reasons regional property markets are booming

Untapped potential: 3 reasons regional property markets are booming

The PropTrack Regional Australia Report for 2022 has been released and it’s giving us a deep insight into the state of the Australian regional property market. The report shows that there have been some significant changes in the market since the start of the pandemic, and many of these changes are likely to continue in the coming months.

According to the report, regional areas have seen a surge in demand, with many people moving out of the cities and into more affordable regional locations. This trend is expected to continue, with regional areas predicted to see further price growth in the future.

However, the report also reveals that not all regions are performing equally, with some areas experiencing more growth than others. It’s clear that regional buyers need to be aware of the local market conditions and trends, in order to make informed decisions when buying or selling property.

Overall, the PropTrack Regional Australia Report provides valuable insights into the state of the property market in regional areas. If you’re considering buying or selling property in these areas, it’s important to stay informed and make strategic decisions based on the latest market trends and conditions.

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Australian property market 2023: Brace for falling house prices

Australian property market 2023: Brace for falling house prices

With 2022 already seeing a retreat in house prices from their record highs, experts are now predicting that the falls will become more pronounced.

PropTrack’s Cameron Kusher discusses the expected downturn and the factors driving this trend. He explains how changes in interest rates, borrowing capacity, and the effects of the pandemic all contribute to the anticipated decrease in house prices outlined in the PropTrack Market Outlook report.

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Making sense of the real estate downturn

Making sense of the real estate downturn

Australia’s real estate market is undergoing a downturn, causing worry for property owners and investors.

Economic factors such as low interest rates, weakened economy, and tighter lending standards are affecting demand. Oversupply in certain areas, particularly in the apartment market, has led to decreased property prices. Moving from cities to regional areas has also impacted certain areas.

However, it’s important to note that the downturn is not affecting the entire country equally and some areas are still stable or growing. To make informed decisions about property ownership and investment, it’s crucial to understand the context of the market and not just focus on the downturn.

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Housing affordability: How other countries are tackling housing shortages

Housing affordability: How other countries are tackling housing shortages

REA Group and Proptrack economist Anne Flaherty explains how housing affordability and housing shortages has become an issue in recent years and what other countries, like New Zealand are doing to help, including lowering barriers for medium density development and build-to-rent developments to provide stability for renters.

0:37 What countries are struggling with housing affordability
1:48 Build-to-rent developments

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Is the great Australian dream of homeownership dead?

Is the great Australian dream of homeownership dead?

REA Group and Proptrack economist Anne Flaherty looks at falling rates of home ownership among Australians, rising house prices and the difficulties first home buyers have in saving a deposit.

0:25 Current state of housing affordability in Australia
1:26 Shifting home buyer perceptions

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Stamp duty reforms don’t go far enough to help homebuyers

Stamp duty reforms don't go far enough to help homebuyers

First homebuyers will be given the opportunity to choose between an upfront payment or a smaller annual property tax under reforms aimed at making home ownership more affordable in NSW.

The First Home Buyer Choice scheme is part of a multi-billion dollar housing package to be unveiled in the 2022-23 NSW Budget.

Under the new initiative, first homebuyers who opt into the property tax will pay an annual property tax of $400 plus 0.3 per cent of the land value of the property.

But while these reforms are a step in the right direction to bridge the affordability gap, they don’t go far enough as PropTrack economist Angus Moore explains.

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Multigenerational living: Should you live with your parents forever?

Multigenerational living: Should you live with your parents forever?

More Aussies are taking in their elderly parents, while fewer kids are flying the family nest, making instances of multigenerational living more common.

Once upon a time, this kind of living scenario wasn’t uncommon, with two or three generations more likely to live together under one roof. But it faded away over the past 100-odd years as rising wealth and societal changes in the West saw living in smaller family units favoured.

Now, for a number of reasons, chief amongst them affordability concerns, multi generational living is on the rise once more.

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Is now the best time to buy property?

Is now the best time to buy property?

New listings are up strongly, as activity ramps up as we enter spring selling season. So is now the best time for buyers to consider purchasing a property?

Choice for buyers continued to improve in August, with the total number of properties listed for sale lifting 3.9% month-on-month as market activity picked up ahead of the spring selling season.

August saw new listings in capital cities up 11.3% month-on-month after a seasonally quieter July.

Regionally, new listings were up 7.9% month-on-month in August.

Nationally, the total number of properties listed for sale was up 3.9% month-on-month in August as the busier month of new listings helped increase choice for buyers. The increase in the month brought the total number of properties actively listed for sale up 13.7% compared to a year ago – the largest year-on-year increase since 2010.

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